- Unique sports and crowdfunding portal FanStake.io through its parent company Fan Stake, Inc. to acquire all strategic assets of Fantribe™, the Australian based subscription social media platform featuring athletes, celebrities and creators allowing fans to subscribe to premium content.
MIAMI, FLORIDA / ACCESSWIRE / December 10, 2024 / Fan Stake, Inc., a sports technology and digital media company based in South Florida and New York City, today announced that the Company has signed an initial agreement to acquire all strategic assets associated with the social media platform Fantribe™ http://fantribe.co/ . Fantribe™ is a unique subscription based online ecosystem for teams, athletes and celebrities allowing their fans to subscribe to premium content including video streams, live 1-1 chat and purchase memorabilia in an online commerce setting. The transaction is subject to execution of the definitive agreement expected to be completed in the next 14 days subject final due diligence and shareholder approval of both Companies.
Upon the completion of the Fantribe acquisition, The Company (Fan Stake, Inc.) will complete a name change from Fan Stake to "Fantribe, Inc.", representing the new brand assets of Fantribe™. The Company's recently launched NIL crowdfunding portal www.Fanstake.io will be rebranded as part of Fantribe.com, which will include the subscription-based platform for athletes and celebrities to share exclusive content, monetize and connect with their fan base. All corporate updates and amendments further describing and representing the Fantribe acquisition will be added to the existing FanStake, Inc. REG CF 5M Offering registered with the Securities and Exchange Commission. The amended FORM C is expected to be submitted within the next seven days on the corporate name change to Fan Tribe Inc. is approved in Florida. Existing investors of Fan Stake Inc. will have the option of remaining as shareholders of the new company Fantribe, Inc., and benefiting from the significant acquisition of the Fantribe intellectual property or receiving their initial investment back based on the new corporate actions.
TRANSACTION SUMMARY
Fan Stake, Inc. will acquire certain assets from Fantribe™, including, among others, all assets related to, or used by Fantribe in connection with, the business of the social media and subscription based platform, all existing IP, Trademarks and related source code, customer lists, customer relationships and all associated customer information, contracts with contractors and suppliers, brand names, trade secrets, trademarks, trade names, designs, copyrights, websites, all URLs, goodwill and intellectual property associated with each of the foregoing. In addition, Fan Stake will enter into transition services agreements with certain founders or affiliates of Fantribe to facilitate the lawful transfer of the assets from Fantribe following the acquisition. The purchase price for the Fantribe assets will include equity of Fan Stake Inc., cash consideration, plus a potential earn-out payment upon the achievement of certain performance thresholds related to gross sales of the Fantribe platform over the six-month period following the closing of the acquisition. Details of the acquisition will be further defined within the definitive agreement.
"I am extremely pleased to be announcing the transition of our startup FanStake to the new parent Company Fantribe and surviving brand, post-acquisition . As Fantribe, our social media and subscription platform will no longer be limited to NIL and collegiate athletes alone. Although this will remain a focus for us to highlight and support superior college athletes and school collectives, we are now expanding our platform and value to our fans by featuring professional athletes (active and retired) as well as celebrities and creators to monetize their brands through their fan base. We believe the integration of the Fantribe platform into our current application offerings has the potential to generate positive cash flow in the near term and contribute to positive EBITDA over the long term. Fantribe is the logical extension for our athlete and celebrity partners and fan base, and we believe it is an application that our existing users will be willing to pay for", stated Michael Friedman, CEO.
FanTribe Founder and CEO, Shaun Dobbin, said "Fantribe™ represents years of dedicated innovation and collaboration, driven by our passion for enhancing the connection between athletes, teams, creators, and their fans. Our investment in research and development, combined with hands-on experience in the sports industry, has allowed us to build a platform that redefines fan engagement. This acquisition marks an exciting new chapter. By integrating Fantribe's subscription-based technology with Fan Stake's NIL and collegiate athlete crowdfunding capabilities, we're creating a joint proposition with immense potential. Together, we can elevate how athletes, creators, and their fans interact, opening up new possibilities for engagement and monetization across the sports and entertainment industries," further stated Dobbin.
About Fantribe™
Fantribe™ http://fantribe.co/ is a revolutionary digital platform connecting athletes, celebrities, and influencers directly with their fans. Our mission is to provide a unique, engaging, and monetizable experience for all parties involved. Fantribe enables athletes and celebrities to create and sell exclusive content, such as behind-the-scenes footage, training sessions, and personalized messages. Fans can purchase and access this content through our user-friendly platform, fostering a deeper connection between fans and their idols. Fantribe has worked with partnerships including Disney, Sony and the Jacksonville Jaguars. The Fantribe platform will feature seamless features and social tools for our athletes, celebrities and content creators to interact with fans and build a community with unique tools and access methods.
LEGAL DISCLAIMER
The information set forth in this press release includes statements, estimates, projections with respect to our anticipated future performance and other forward-looking statements, which are subject to risks, uncertainties, and assumptions. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "future" or "continue", the negative of these terms and other comparable terminology. Such forward-looking statements are based on current plans, estimates and expectations and are made pursuant to the Private Securities Litigation Reform Act of 1995. These statements, estimates and projections are based upon various assumptions that we made concerning our anticipated results and industry trends, which may or may not occur. We are not making any representations as to the accuracy of these statements, estimates or projections. Our actual performance may be materially different from the statements, estimates or projections set forth below. We are under no duty to update any of these forward-looking statements to conform them to actual results or revised expectations.
Investing in Regulation CF offerings involves a high degree of risk. Securities sold through Regulation CF Offerings are typically not publicly traded and, therefore, are less liquid. Additionally, investors will receive restricted stock that is subject to holding period requirements. Companies seeking capital through Regulation CF Offerings tend to be in earlier stages of development and have not yet been fully tested in the public marketplace. Investing in Regulation CF Offerings requires a tolerance for high risk, low liquidity, and a long-term commitment. Investors must be able to afford to lose their entire investment. Such investment products are not FDIC insured, may lose value, and have no bank guarantee.
IMPORTANT NOTICE
In making an investment decision, investors must rely on their own examination of Fan Stake, Inc. (The Company) and the terms of the offering, including the merits and risks involved. All investors should read the offering memorandum provided in conjunction with this offering. Investment opportunities posted on the Fanstake.io website are speculative, illiquid, and involve a high degree of risk, including the possible loss of your entire investment. The Company is not a broker/dealer, does not offer investment advisor recommendations with respect to any securities. This offering under regulation crowdfunding is being conducted through Andes Capital Group, LLC ("Andes Capital"), member of the Financial Industry Regulatory Authority (FINRA). All securities posted on Fanstake.io are offered by, and all information included on the Fanstake.io site is the responsibility of, The Company. Andes Capital cannot verify adequacy, accuracy or completeness of any information. Neither Andes Capital nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information on Fanstake.io. Andes Capital, is a broker/dealer registered with the SEC and Member FINRA/SIPC FINRA's Broker Check. The Company and Andes Capital are independent and unaffiliated entities.
Contact Information:
Michael Friedman
President
michael@firstlevelcapital.com
SOURCE: Fan Stake, Inc.
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